SEC Form ADV-W

What is SEC Form ADV-W

The SEC Form ADV-W is a form used to withdraw registration as a Registered Investment Adviser with the SEC. This form has several schedules that must be completed listing the advisor's contact information, current business and status of clientele. A statement of financial condition, along with a description of books and records, is also required.

BREAKING DOWN SEC Form ADV-W

SEC Form ADV-W is submitted when an RIA no longer wishes to maintain his or her active license to practice as an investment adviser. It is also used if the adviser is switching from federal to state registration. But advisers pursuing the latter course of action do not need to complete sections 1E through eight of the form. Other forms related to this filing include Form ADV-R and ADV-S.

Information Required on Form ADV-W

An RIA who wishes to deregister with the SEC must provide all of the following information on the Form ADV-W and its schedules:

Name, CRD number, and other identifying information

Status of Advisory Business, including the date he or she ceased to do business, and the reason for his or her withdrawal from business

Money owed to clients

Custody of client assets

Advisory Contracts, including whether they have been assigned and to whom

Judgments and liens against the RIA

Statement of financial condition

Books and records, including identifying information of persons who will keep copies of the books and records, and the location of said books and records

Signature of the RIA

Any additional information

Often, an RIA will seek the assistance of his or her attorney to fill out and file the Form ADV-W. Form ADV-W can be used to withdraw an RIA’s SEC registration in all states and jurisdictions in which he or she does business, or in only some of them; the latter is known as a partial filing.

Record Keeping Requirements after Filing Form ADV-W

Once Form ADV-W is filed, the de-registered advisor will need to maintain all of his or her records and books for some period of time, usually about three to five years after filing. The exact length of time depends on the state in which the advisor was registered.

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Related Terms

An application for either a temporary or continuing hardship exemption previously granted by the SEC. The form contains identifying information of the adviser, and the reason for the hardship continuance request. This infomation must be provided regardless of whether the hardship is temporary or continuing.